Envirosuite has delivered another strong financial performance in FY22, as we continue to deliver Environmental Intelligence solutions for our customers around the world.
We are focused on our mission to create leading science-based technology that helps our global customers measure, act, plan and engage with greater efficiency through data-driven environmental intelligence.
By adopting a “product-led” approach we have innovated rapidly, bringing new features, capabilities and scientific models to our customers. Our three product portfolios EVS Aviation, EVS Omnis and EVS Water provide a strategic mix with significant upsell and cross sell potential.
The level of engagement from our global customer base has increased significantly, driven at a macro level by the growing recognition of the Environmental, Social and Governance (ESG) factors on business performance and sustainability.
In FY22, Envirosuite grew total revenue by 10.1%, surpassing the $50m milestone for the first time to reach $53.5m, of which 82.1% is recurring. We ended the financial year with 416 customer sites, an 11.5% increase on last year and a key metric by which we measure our growth and product success. Gross Profit continues to improve with gross profit of 47.0%, showing strong growth from 42.4% in prior year.
Our strong FY22 financial and operational result demonstrates not only the value of Envirosuite’s technology and the human expertise that delivers that technology to customers around the world, but also the trust those customers have put in Envirosuite as a technology partner to help drive their operational and environmental performance.
We passionately believe in unlocking the power of environmental intelligence, so industries can grow sustainably, and communities can thrive. In this year’s report we are pleased to share with you some case studies of customers that are using our platform. We believe that this is important as it demonstrates how we create value for our customers and our shareholders.
CEO Key Highlights
ARR, Revenue, Sites and Gross profit
FY22 was a standout year for Envirosuite as we accelerated our growth in all key metrics. We have achieved 14.1% growth in ARR, added 43 sites to our expanding customer portfolio, and increased total revenue by 10.1%. We continue to improve the scalability and profitability of the company with Gross Profit (on an EBITDA basis) now at 47.9% for the full year.
Our ongoing investment into scientific excellence and product development has deepened our sustainable competitive advantage and accelerated our strong product differentiation this year. It is exciting that an Australian company is leading the charge with world class Environmental Intelligence technology platforms.
All three regions have transformed their go-to-market strategy in the last 12 months and this has resulted in strong revenue and ARR growth at a company level. The Americas has set the benchmark again with a 31.3% growth in ARR adding 25 new sites in the last year.
Land, Expand & Scale
With some of the world’s largest Industrial company names as customers, we have now built out a repeatable customer engagement journey. This year we experienced record sales growth with key wins with new and existing strategic customers across all three portfolios.
People & Culture
As much as we are a technology company, we are also a people company. I am proud of all the Environauts around the world who are actively contributing to our mission, vision and purpose to be the world’s leading Environmental Intelligence company.
Over the past 18 months we have invested into the right tools, systems and processes to improve the scalability of the business. We have applied this strategic thinking to all aspects of the business (marketing, operations, the regions and support functions), which has resulted in a continually improving Gross Profit margin.
The performance of the company over the last 12 months and the outlook for FY23 has enabled us to confirm our pathway to profitability during FY23. We will continue to focus on high quality revenue, growth and gross margin improvement to ensure that we have a long-term sustainable company.
Access our full FY22 Annual Report on the ASX
Please click here to access the FY22 Annual Report on the ASX.